For Financial Institutions

How to Become an IOLTA-Eligible Financial Institution

The Utah Bar Foundation will deem a financial institution to be “Eligible” to offer IOLTA accounts if the institution complies with the standards of the eligibility requirement as defined by IOLTA Rule 14-1001 as amended effective April 1, 2008. For more information, please contact Kim Paulding at or 801-297-7046.

How do we become an IOLTA participating bank?

The Utah Bar Foundation works in partnership with financial institutions across the State that want to offer IOLTA accounts to their customers. In order to join the IOLTA program, a financial institution must agree to provide certain information to the Utah Bar Foundation.

How often must interest be paid?

Interest must be remitted at least quarterly to the Utah Bar Foundation but preferably on a monthly basis. The interest should be calculated on an average monthly balance in the account, or as otherwise computed in accordance with the institution's standard accounting practice. The remittance will be calculated and submitted by financial institution. No action is required on the part of the attorney.

What are the reporting requirements?

Financial institutions must send a report at least quarterly but preferably monthly to the Utah Bar Foundation. These reports must include the name of the attorney/law firm for whom the remittance is sent, the rate of interest applied, the account number, the average account balance for the reporting period (or other amount from which interest or dividends is determined) the amount of any service charges or fees deducted, and the net amount remitted to the Foundation.